- Energy World Corporation (EWC) will go into the weekend in a trading halt as it inks out the details of a capital raising
- The company is yet to release full details of the raise but will do so before March 23, the last day of the trading halt
- In early February, EWC learnt the outcome of a four-year land matter involving its property in Indonesia
- A few years ago, the company’s subsidiary began building a mid-scale liquefied natural gas facility on Indonesian land
- In June 2017, EWC was informed that the plant was being built on forestry and not industrial land which caused all activity and construction to halt
- After four years, the Planology Department of Ministry and Forestry formally completed its review and confirmed that the land is industrial and not forestry
- EWC has be notified to restart construction but no further updates have been made
- Shares in EWC last traded at 9 cents on March 18
Energy World Corporation (EWC) will go into the weekend in a trading halt as it inks out the details of a capital raising.
The company is yet to reveal how much it’s planning to raise or what the funds will be used for.
EWC will release the full details of the raise on or before March 23, the last day of the trading halt.
In early February, the company learnt the outcome of a four-year land matter involving its property in Indonesia.
A few years ago, EWC’s subsidiary, PT South Sulawesi LNG, began building a mid-scale liquefied natural gas (LNG) facility on Indonesian land.
In June 2017, EWC was informed that the plant was being built on forestry and not industrial land. This caused all activity and construction to halt indefinitely.
After four years, the Planology Department of Ministry and Forestry formally completed its review of the historical land documents and remapped the area.
This work confirmed that the land is indeed industrial and not forestry as it was incorrectly claimed.
EWC has been notified to restart construction but no further updates have been made.
Shares in EWC last traded at 9 cents on March 18. The company has a $161.6 million market cap.